NBE reopens one of its oldest branches after renovation

CAIRO – 21 December 2017: Deputy Chairman of the National Bank of Egypt (NBE) Yehia Aboul Fotouh has inaugurated on Thursday one of the bank’s biggest and oldest branches in Downtown Cairo after renovation.

The renovation aims to cope with the latest developments in the banking field so that the branch can best serve its customers.

Aboul Fotouh said in press statements that the NBE is targeting to open 50 new branches each year, stating that the bank currently has 410 branches across the country.

The newly renovated branch – Archive

Established in 1898, the NBE is the oldest and largest commercial bank in Egypt. The bank has a subsidiary in London, National Bank of Egypt (UK), branches in New York and Shanghai and representative offices in Johannesburg and Dubai.

In October, Bloomberg has classified the NBE as the best among Egyptian and African banks in marketing, arranging joint loans and financing projects during the first three quarters of 2017.

The bank’s market share hit 16.6 percent with a total value of LE 58 billion.

With a market share of 7.3 percent, the bank was ranked the sixth in the Middle East and North Africa, a report by Bloomberg showed.

Joint loans arranged by the bank in 2017 have been directed to the sectors of construction, electricity, petroleum and real estate development, Aboul Fotouh said in a previous statement.